产业经济周报 证券分析师 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 证券研究报告 | 产业经济周报 2025 年 08 月 25 日 [Table_Main] 消费焕新延续，液冷赋能数据中心， 折叠屏或打开成长空间 [Table_Summary] 核心观点： 请务必阅读正文之后的信息披露和法律声明 核心观点：近期产业趋势延续分化格局：新消费板块热度持续传导至 A 股，短期 或受中报扰动出现阶段性调整，中长期主线仍在情绪消费、渠道革新及品牌出海； 高端制造方面，液冷技术成为应对算力与能耗矛盾的关键路径，具备提升效率与降 低能耗的双重价值；硬科技领域，折叠屏手机在价格下探与苹果入局的催化下，有 望带动渗透率提升并利好上游供应链。整体看，消费升级与科技迭代共振，产业机 遇与结构性机会并存。 高端制造看点：数据中心作为现代信息基础设施，其能源消耗问题日益凸显。伴随 人工智能、大数据及云计算等应用加速渗透，能耗持续攀升，对环境与经济均形成 压力，行业可持续发展需求不断增强 ...

中新网郑州8月23日电 "从一块钻石毛坯打磨成圆形、方形裸钻，到如今的四叶草、元宝、生肖等各类 款式，不断精进的切割打磨技术让培育钻石的形态有了更多可能。"近日，在位于河南郑州的河南璨然 珠宝有限公司切磨研发中心，从业20余年的钻石切磨师李来锋如是说。 中国是全球最大的培育钻石毛坯生产国，生产能力占全球市场的80%，河南产能占据全国80%以上。其 根源在于该省是培育钻石原材料金刚石的核心主产区。故而，业界有着"世界金刚石看中国，中国金刚 石看河南"之说。 "金刚石的供应作为培育钻石产业链的上游部分，在河南具有显著的产能优势，但中下游环节却存在着 一定短板。"河南省培育钻石交易中心首席运营官陈耿介绍，从钻石毛坯到一颗钻石的璀璨问世，最关 键工序就是切磨师的精细雕琢。然而，国内在钻石切磨这一中游环节较为薄弱，下游销售也大多分布于 海外，这些问题都制约着行业的长足发展。 为了推动培育钻石产业链上、中、下游协同发展，近年来，河南在科创资源、平台建设、人才集聚等方 面加快布局，并将超硬材料产业链作为该省重点培育的28条产业链之首，以推动超硬材料产业优势再 造，发力延链、补链、强链。 作为国内唯一获批的国家超硬材料特色产 ...

Core Viewpoint - The stock price of Power Diamond reached 30.56 yuan, reflecting a 1.60% increase from the previous trading day, indicating positive market sentiment towards the company [1] Company Overview - Power Diamond operates in the non-metallic materials industry, focusing on cultivated diamonds and semiconductor materials [1] - The company is headquartered in Henan and is a target for deep stock trading [1] Financial Performance - On August 15, the stock opened at 30.16 yuan, peaked at 30.58 yuan, and recorded a trading volume of 1.24 billion yuan [1] - On the same day, the net outflow of main funds was 7.68 million yuan, with a cumulative net outflow of 12.81 million yuan over the past five days [1] Recent Developments - The company announced that its first extraordinary general meeting of shareholders in 2025 approved several proposals, including the adjustment of the implementation subject and location for some fundraising investment projects [1]

Group 1 - The article highlights the prevalence of "bargain-priced" diamonds on e-commerce platforms, with prices for lab-grown diamonds as low as 153 yuan for 2 carats and 22 yuan for 99 carats of imported diamonds, contrasting sharply with traditional retail prices that often exceed tens of thousands of yuan [1][2] - Investigations reveal that many of these low-cost diamonds are actually fake, with consumers reporting experiences of being sold cubic zirconia instead of genuine lab-grown diamonds [2][5] - The cost of producing a 1-carat lab-grown diamond ranges from 2,000 to 3,000 yuan, while a 2-carat diamond typically costs around 4,500 yuan, indicating that the extremely low prices of these diamonds are unsustainable and likely fraudulent [6] Group 2 - Many sellers on e-commerce platforms exploit consumer ignorance by labeling fake diamonds as "lab-grown," leading to confusion between natural and lab-grown diamonds [7][8] - Fake diamonds often come with counterfeit certificates, making it difficult for consumers to distinguish between genuine and fake products [8][9] - The article emphasizes the need for improved regulatory oversight in the diamond industry, particularly regarding the sale of lab-grown diamonds online, to protect consumers and ensure product authenticity [10][11][12]

新华社郑州8月15日电 题：99克拉进口钻石只要22元？——部分电商平台假钻石泛滥现象调查 新华社"新华视点"记者孙清清、刘振坤、卫子轩 2克拉培育钻石戒指仅卖153元、99克拉进口钻石仅卖22元……打开一些电商平台，可以搜索到琳琅满目、图片精美并带有鉴定证书的钻石饰 品，价位从几十元到上百元不等，与实体店动辄上万元的钻石形成鲜明反差。 电商平台上销售的"白菜价"钻石，是真的吗？对此，"新华视点"记者进行了调查。 电商平台充斥"白菜价"钻石 河南郑州市民郑先生最近遇到一件糟心事：他在某电商平台上网购了一个5克拉的培育钻石戒指，准备在婚礼上使用；但检测发现，所谓的 培育钻石竟是合成立方氧化锆。 郑先生的遭遇并非个例。记者查询发现，不少人在网上发布过买培育钻石被骗的经历。 记者在电商平台输入"培育钻石"，便会跳出大量打着"培育钻石"标签的销售链接，如"1克拉143元 送IGI证书高档礼盒""2克拉154元 送培育钻 专配IGI宝石证书"；每克拉从几十元到上百元不等，与实体店动辄上万元的钻石相比，堪称"白菜价"。 记者梳理发现，一些售卖所谓"培育钻石"的商家交易量惊人，很多高达数万单。在某店铺，其一个交易页面就显示 ...

Group 1: Company Strategy and Production Capacity - The company plans to continuously increase the number of presses while optimizing the structure based on market demand and national equipment renewal policies [1] - Current capacity utilization rate is at 100%, with flexible production capabilities for various products including industrial diamonds and synthetic diamonds [1] Group 2: Industry Challenges and Innovations - The fundamental solution to industry "involution" is through technological innovation and developing new production methods [2] - The company is enhancing core competitiveness by increasing R&D investment, collaborating with industry partners, and upgrading equipment [2] Group 3: Future Goals and Deliverables - The primary goal during the 14th Five-Year Plan is to ensure supply, with annual contracts signed based on actual orders [2] - The company anticipates steady growth in deliveries during the 14th Five-Year Plan, with revenue from contracts signed in the current year expected to materialize in the second half [2] Group 4: Military Trade and Equipment Capacity - Military trade operations are conducted by third-party companies, influenced by international situations and customer needs [2] - Current capacity utilization for special equipment is relatively full, with plans to increase capacity in the future [2]

Summary of Company and Industry Insights Company Overview - The company is involved in the bearing industry, specifically focusing on wind power bearings, precision machine tool bearings, and superhard materials and products. [2][3][4] Key Points and Arguments Financial Performance - Accounts receivable is approximately 500 million yuan, showing slight growth in the first half of 2025 but facing price reduction pressures. [2] - Wind power bearing business is rapidly growing, with expected revenue of about 400 million yuan in 2024, projected to reach 700 million yuan in 2025, and potential to hit 1 billion yuan with new projects. The target for the 14th Five-Year Plan is 1.5 billion yuan. [2][3][5] Business Segments - **Superhard Materials and Products**: Managed by Zhengzhou Sanmo Research Institute, this segment is expected to generate around 580 million yuan in 2024 with a gross margin of approximately 58%. The semiconductor sector contributes 340 million yuan, while automotive and other sectors contribute 240 million yuan. The semiconductor sector has seen over 30% growth in the past three years. [2][4] - **Precision Machine Tool Bearings**: This segment is stable, with revenue around 100 million yuan last year. The company aims to enter the top tier of the high-end machine tool bearing market, currently dominated by foreign manufacturers. [2][8] - **Special Bearings**: The military industry has faced delays due to anti-corruption measures, with expectations for recovery in 2026. The company has prepared 800 to 1 billion yuan in capacity for special bearings to support growth during the 14th Five-Year Plan. [10][12] Market Trends and Opportunities - The wind power bearing market is expected to grow steadily, with domestic substitution being a significant opportunity. The company aims to increase its market share in wind power main shaft and gearbox bearings. [7][13] - The precision machine tool bearing market is characterized by high performance requirements, leading to slower domestic substitution compared to wind power bearings. [9] Future Developments - The company is investing in chemical vapor deposition (CVD) for synthetic diamond production, with expected revenue exceeding 10 million yuan in 2025. The company has invested in over 300 devices and plans to increase this to over 700. [2][6][19] - The superhard materials segment is projected to maintain a growth rate of 10% to 20%, primarily driven by the semiconductor sector. [18] Competitive Landscape - The company holds a market share of approximately 10% to 20% in the abrasive tools semiconductor sector, ranking first domestically, with major competitors being Japanese firms like Disco. [17][20] - The company plans to maintain its competitive edge through timely service and lower pricing compared to foreign competitors. [20] Strategic Initiatives - The company is exploring new opportunities in aerospace bearings and robotics, although significant contributions from these sectors are not expected during the current Five-Year Plan. [21] - The company is also considering mergers and acquisitions but acknowledges the challenges in executing such strategies. [22] Operational Insights - The company has shifted focus from shield machine bearings to wind power bearings due to profitability concerns. [23] - Emphasis on lean management, brand building, and cost control is expected to enhance overall operational efficiency. [24] Conclusion The company is strategically positioned in the bearing industry with a focus on growth in wind power and superhard materials. It faces challenges from pricing pressures and competition but is actively pursuing opportunities for innovation and market expansion.

Core Insights - The decline of De Beers, once a dominant force in the diamond industry, is evident as it faces unprecedented challenges, including a record inventory of $2 billion (approximately 14.6 billion RMB) of unsold rough diamonds, the highest since the 2008 financial crisis [1] - De Beers' attempt to shift all rough diamond sales to an auction model was met with resistance from 50 certified dealers, leading to a projected loss of $2.5 million in 2024, a 65% drop in profit compared to the previous year [1] - Major mines are reducing production, with a forecasted one-third cut in output by 2025, indicating that the decline of De Beers is far from over [1] Industry Disruption - The rise of Chinese technology, particularly in the small county of Zhecheng, is disrupting the global diamond industry with lab-grown diamonds that offer superior quality at lower prices, rapidly gaining popularity on e-commerce platforms [3] - Domestic brands like "Zheguang" are emerging, achieving monthly sales of millions, allowing consumers to purchase high-quality lab-grown diamonds at a fraction of the cost of natural diamonds [3] - The technological advantages of lab-grown diamonds are significant, with "Zheguang" achieving 95% of its diamonds at D-F color grades, surpassing the typical H-J grades of natural diamonds [4] Consumer Behavior Shift - Young consumers are increasingly opting for lab-grown diamonds, as evidenced by social media comparisons showcasing the superior appearance of these diamonds at lower prices [6] - De Beers' attempts to market its lab-grown diamond brand, Lightbox, as "affordable jewelry" have failed, with "Zheguang" selling similar products at much lower prices and achieving significantly higher sales [8] - The diamond industry is witnessing a shift in consumer preferences, with 60% of customers now choosing Chinese lab-grown diamonds, further eroding the market share of traditional natural diamonds [9] Market Dynamics - The diamond testing industry is adapting to the changing landscape, with reports now suggesting that natural diamonds should be liquidated quickly due to declining prices [9] - De Beers is facing operational challenges, including layoffs and protests from miners, as well as competition from local brands in various markets [8] - The expansion of lab-grown diamond production facilities in China signifies a robust growth trajectory for this sector, marking the decline of De Beers' long-standing market dominance [9]

Core Viewpoint - Huanghe Xuanfeng (600172) announced that 1.27 billion shares held by its major shareholder, Henan Huanghe Industrial Group Co., Ltd., have been frozen by the Changzhou Wujin District People's Court, representing 100% of the shares held by the group and 8.82% of the company's total share capital due to a debt dispute involving an amount of 6.5004 million yuan [1] Company Summary - The frozen shares are a result of a contractual dispute between individual Hua Aimei and Huanghe Group, which will not affect the company's control or daily operations as Huanghe Group is not the controlling shareholder or actual controller of the company [1] - Huanghe Xuanfeng primarily operates in the production of superhard materials and products, including industrial diamonds, cultivated diamonds, grinding wheels, tools, drill bits, and saw blades [1] - The company has projected a net loss of 285 million yuan for the first half of 2025, as per its previous earnings forecast [1]

Report Summary 1. Reported Industry Investment Rating - No information provided on the industry investment rating [1][2] 2. Core Viewpoints - The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - The price of industrial diamonds in 2025 is on a downward trend with stability in the second half, while the market demand for cultivated diamonds is on the rise [23] - The gross profit margin of industrial diamonds is expected to continue to decline, and that of cultivated diamonds will fluctuate slightly [23] 3. Summary by Directory 3.1 Research Basic Situation - Research object: Zhongbing Red Arrow, belonging to the special equipment industry [17] - Reception time: July 30, 2025 - Company reception personnel: Zhao Deliang (CFO and Secretary of the Board), Zhou Ying (Deputy Minister of the Securities Affairs Department), Zhang Yi (Securities Affairs Department) [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Zhang Chenchen | | GF Securities | Securities company | Qiu Jingbo | | Xinyuan Fund | Fund management company | Fei Fan, Liu Yitao | [18] 3.3 Main Content Data - **Half - year report situation**: The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan, mainly due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - **Measures to achieve business goals**: The company and its subsidiaries will optimize the industrial layout, increase R & D investment, expand the market, and reduce costs and increase efficiency [22] - **Gross profit margin of special business**: The overall gross profit margin of special business has increased in recent years [22] - **Military trade business**: The company conducts military trade through third - parties and will improve the management system, actively cooperate with third - parties, and increase export efforts [23] - **Price and demand of industrial diamonds and cultivated diamonds in 2025**: The price of industrial diamonds is on a downward trend with stability in the second half, and the demand is weakening; the market demand for cultivated diamonds is on the rise [23] - **Future gross profit margin of industrial diamonds and cultivated diamonds**: The current gross profit margin is between 10% - 20%. The gross profit margin of industrial diamonds is expected to decline, and that of cultivated diamonds will fluctuate slightly [23]